SANTA FE (AP) — A new financial forecast estimates more than $270 million will be available to lawmakers and Gov. Susana Martinez for budget increases next year.
Top officials in the Martinez administration today outlined the revenue projections to the Legislative Finance Committee during a meeting in Angel Fire.
The state expects to collect $5.9 billion during the 2014 fiscal year, which starts next July. That’s $272 million more than the state will spend this year. That’s also the pool of so-called new money available for spending increases on public education and other government programs as well as to offset any tax cuts that may be enacted.
Lawmakers estimate that several obligations in current law, such as higher public employee pension payments by the state, will require $74 million of the money.
5:17am — Lawmakers To Get Revenue Forecast
SANTA FE (AP) — Legislators are to receive an update on New Mexico’s finances and the new revenue forecast will shape the state budget debate for the coming year.
Top officials in Gov. Susana Martinez’s administration will outline the new revenue projection to the Legislative Finance Committee during a meeting today in Angel Fire.
State officials have said recently that revenues were better than expected during the fiscal year that ended in June. That helped to replenish the state’s cash reserves.
The latest projections will give legislators a look at how much money will be available to appropriate for spending increases on programs and services when the Legislature meets in January to start work on the 2014 budget.
Economists for the Martinez administration and the Legislature prepare the state revenue forecast.